Understanding Shelby County Property Tax In 2023
What is Shelby County Property Tax?
Shelby County property tax is a levy imposed on real estate by local governments in Shelby County, Tennessee. It is a form of ad valorem tax, which means it is based on the value of the property being taxed. It is one of the main sources of revenue for local governments in the county, and is used to fund public services such as schools, roads, and public safety. Property tax is calculated and collected by the Shelby County Trustee.
How is Shelby County Property Tax Calculated?
The amount of property tax due in Shelby County is determined by several factors. The most important factor is the assessed value of the property. This is the amount that the county determines the property to be worth, and is usually lower than the actual market value. The assessed value is then multiplied by the applicable tax rate to determine the amount of property tax due. The tax rate is set by the Shelby County Commission, and is based on the budget needs of the county.
What Factors are Used to Determine Assessed Value?
The assessed value of a property is determined by several factors, including the size of the property, the type of property, the location of the property, and any improvements or additions that may have been made to the property. The Shelby County Assessor’s Office is responsible for determining the assessed value of each property in the county. The Assessor’s Office is also responsible for updating and maintaining property records.
What is the Tax Rate in Shelby County?
The tax rate in Shelby County is currently set at $3.50 per $100 of assessed value. This rate is subject to change, and can be adjusted by the Shelby County Commission. The tax rate is set each year by the Commission, and is based on the budget needs of the county.
When is Property Tax Due?
Property tax in Shelby County is due on the first Monday in October of each year. Tax bills are sent to property owners at least 30 days prior to the due date. Property owners can make payments online, by mail, or in person at the Shelby County Trustee’s Office. Payments can be made in full or in installments.
What Happens if Property Tax is Not Paid?
If property tax is not paid in full by the due date, the Shelby County Trustee’s Office will begin the process of foreclosure. This means the property could be sold to satisfy the unpaid taxes. Additionally, property owners who fail to pay their property tax may be responsible for additional penalties and fees.
Are There Any Exemptions or Credits Available?
Yes, there are several exemptions and credits available in Shelby County. Property owners who meet certain criteria may be eligible for exemptions or credits, which can reduce the amount of property tax due. Examples of exemptions and credits include homestead exemption, disability exemption, elderly exemption, and veterans exemption.
What is the Process for Appealing an Assessed Value?
Property owners who believe the assessed value of their property is incorrect can file an appeal with the Shelby County Assessor’s Office. The appeal must be filed within 30 days of the date of the assessment. The Assessor’s Office will review the appeal and make a determination. If the assessment is found to be incorrect, the property’s assessed value may be adjusted.
Where Can I Find More Information About Shelby County Property Tax?
For more information about Shelby County Property Tax, including current tax rates and exemptions, visit the Shelby County Trustee’s Office website at www.shelbycounty.com. Additionally, you can contact the Assessor’s Office at (901) 222-1000.